Washington D.C.: Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has assured investors that Nigeria is safe for investment. Edun made this announcement at the Nigeria Investment Forum, held during the ongoing World Bank/International Monetary Fund (IMF) Meetings in Washington D.C.
According to News Agency of Nigeria, Edun emphasized the government's commitment to maintaining fiscal congruence, pointing to efforts such as the new leadership at the Nigerian National Petroleum Company Limited (NNPCL) tasked with increasing production and reducing costs. He highlighted the administration's focus on diversifying and stabilizing the economy to make it more attractive for private sector investment. The optimization of national assets was also cited as a strategy to bridge budgetary gaps while upholding contract sanctity.
Edun stated that foundational reforms implemented by President Bola Tinubu's administration are beginning to show results, with the Nigerian economy witnessing growth. He expressed aspirations for a 7% annual growth rate, underpinned by policies already in place. The minister noted improvements in macroeconomic stability, including narrowed budget deficits, an improved trade balance, and a stabilizing exchange rate.
Focus is now shifting to sectoral growth, with agriculture identified as a priority for boosting food security and productivity. Edun mentioned initiatives to close the food supply gap by empowering domestic producers rather than increasing imports.
To support digital connectivity, about 90,000 km of fiber optic cable has been rolled out, aimed at empowering Nigeria's youth and tech entrepreneurs. Additionally, 4,000 km of roads have been tendered for private sector involvement, with 1,000 km already approved for development.
Central Bank of Nigeria (CBN) Governor Yemi Cardoso also addressed the forum, acknowledging the difficult reforms that have begun yielding positive outcomes, including macroeconomic stabilization. Despite a challenging 18-month period, Cardoso emphasized the country's determination to build a resilient economy focused on confidence and trust. He noted that recent Fitch upgrades reflect these efforts and expressed optimism for achieving set economic goals through continued reform and resilience-building.